theguardian_business

Marmite and Dove owner Unilever warns of price rises due to growing costs

📰 source: theguardian_business · 💼 business

unilever warned it will raise prices further in the coming months as the maker of marmite, dove and hellmann's tries to recoup rising costs. the company said price rises slowed in the second quarter due to world cup-related discounts and competitive pressure in brazil, but called these 'temporary factors.' it told shareholders: 'we expect underlying price growth to accelerate in the second half as commodity-driven pricing continues to land in market.'

unilever's underlying sales rose 5.8% in q2, pushing turnover up 3.8% to €13bn. interactive investor's victoria scholar said consumers stuck with branded products despite cost-of-living pressures, citing brand loyalty.

the cost pressure stems from higher oil prices since the us-israeli war on iran disrupted tanker traffic through the strait of hormuz. uk inflation dropped to 2.6% in june, but city economists warn the bank of england may raise rates if oil stays above $100. mohamed el-erian said $90 oil could 'heighten concerns over immediate indirect effects, including rising food prices driven by diesel transportation costs.'

why it matters: rising oil costs from middle east conflict drive unilever price hikes, threatening to reignite uk inflation and challenge boe's rate path.

source: theguardian_business
sentiment: -0.30 · impact: 0.50

Surprise fall in US jobs last month as slow summer continues

📰 source: bbc_business · 💼 business us jobs fell by 23,000 last month, against forecasts for an 80,000 gain, with the bureau of labor statistics also revising down may and june payrolls by a combined 103,000. the unemployment rate still dipped to 4.1% from 4.2%, as labor

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

📰 source: cnbc_topnews · 💼 business homes sold for less than their asking price in 38 of the 50 largest u.s. housing markets in june, per redfin. the biggest discounts hit florida and texas: miami and west palm beach averaged nearly 5% below asking, while houston, austin, tampa, dallas, san antonio,

China is gaining ground in AI. But the U.S. still has a major advantage

📰 source: cnbc_topnews · 💼 business hugging face ceo clément delangue told cnbc china is clearly dominating on open models and could start dominating at the frontier by end of this year or next. chinese models are closing the gap with u.s. frontier systems despite limited access to cutting-edge compute. beijing-based

US strikes $1.2bn deal to pay German firm to halt offshore wind projects

📰 source: bbc_business · 💼 business rwe will abandon its offshore wind projects in the us after accepting a $1.2bn payout from the department of the interior. the german energy firm said it will reinvest the money into gas projects, including $900m for an lng export terminal in louisiana. rwe will

Read more

Surprise fall in US jobs last month as slow summer continues

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

China is gaining ground in AI. But the U.S. still has a major advantage

US strikes $1.2bn deal to pay German firm to halt offshore wind projects